Sri Lankan operator Dialog Axiata, a subsidiary of Malaysia’s Axiata, has received regulatory approval to offer MR1.2bn (US$389m) in 15-year Islamic medium term notes.
The Malaysian Ringgit-denominated Sukuk Programme is Shariah-compliant and the sale…
Sri Lankan operator Dialog Axiata, a subsidiary of Malaysia’s Axiata, has received regulatory approval to offer MR1.2bn (US$389m) in 15-year Islamic medium term notes.
The Malaysian Ringgit-denominated Sukuk Programme is Shariah-compliant and the sale will be based upon the principle of Murabahah.
Axiata said proceeds from the Sukuk issue will be used for Dialog’s expenditure and refinancing, providing the uses are compatible with Shariah.
The offering has gained the necessary approvals from authorities in Malaysia and Sri Lanka, and is being led by HSBC Amanah Malaysia Berhad and Maybank IB. Together the banks are joint principal advisors, joint lead arrangers and joint lead managers for the programme.
Last week Dialog secured a 10 MHz LTE licence auctioned by Sri Lanka’s Telecommunications Regulatory Commission for Rs3.27bn (US$26m).
Dialog has 7.8 million across Sri Lanka covering the entire island’s geographical area. It was the first operator to offer LTE services when its subsidiary Dialog Broadband Networks launched 4G services late last year.
